What Is A Consumer Credit Bureau - CREDIT REPORT

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TODAY'S SAVING TIP Your credit report is used by banks, stores and finance companies to predict the risks of lending you money, based on your history of making payments. Potential landlords and employers use your credit file to evaluate how responsible you are with ... Read more

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CREDIT REPORT: What is a consumer credit bureau

When you apply for credit, the lender wants to make sure that you are both able and willing to meet the repayments. To help them decide, most lenders will look at the information you give on your application form (including details of your age, job and salary) along with the factual information held on your consumer credit bureau report, or simply put credit report.

Your credit report contains details of your name and address (taken from the electoral roll), any court judgments or bankruptcy orders as well as a record of ongoing and recent past credit agreements.

A consumer credit bureau holds most financial information for six years. If your credit report shows you are up to date with payments, this is likely to help you get more credit. If, however, you are behind with current payments, a new lender may want to look at your application more closely.

Lenders often use credit scoring to help them assess the information they collect about you. This allows them to determine whether or not you meet the profile of customer they are looking for. They do this by comparing your details with those of previous good customers. Credit scoring is a quick and, many believe, objective and fair way of deciding whether to accept or decline credit applications.

If you've been turned down for a loan, or you are job less, or about to search a job in the near future, then you have all the rights to claim a free report with free credit report scores. You can get your report from any of the three major bureaus. With Internet around, you can now apply for free Trans Union credit reports ( if you want one from Trans Union) from the comforts of your home.